Gold markets rallied significantly on Friday to show signs of strength.
from the Thursday session suggests that there are plenty of buyers underneath, so if we were to break down below there, that would be an extraordinarily negative turn of events. Breaking down below the 200-day EMA opens up a flood of selling, perhaps sending the market down to the $1800 level. The market breaking down like that would be an extraordinarily negative turn of events and could accelerate momentum.
If we turn around a break above the 50-day EMA, that could open up a move to the $1950 level. After that, we then have a significant amount of resistance at the $1970 level. The market will continue to be noisy even if we do get a bullish move, but you need to pay close attention to the yields in America because if they continue to rise over the longer term, that could start to have a negative influence on this market.
pay close attention to the next candlestick or two, because we should have a lot of clarity coming rather quickly. In general, I believe this is a market that will continue to see a lot of questions asked of it, and a lot of uncertainty is ahead. With the inflation and growth concerns, we will continue to have to stand guard.
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